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Finance releases tax lien on Tinian Dynasty’s $41.7M tax debt
The Department of Finance has released the tax lien on Tinian Dynasty Hotel & Casino over its failure to pay $41.7 million in various taxes.
Finance, through collection and remittance branch manager Richard Santos, filed on Tuesday in federal court certificates of release of CNMI tax liens, that were separately issued to Hong Kong Entertainment (Overseas) Investment Ltd., owner of Tinian Dynasty.
Santos certified that Hong Kong Entertainment has satisfied the requirements of the Revenue and Tax Regulations for the taxes and “for all statutory additions, penalties, or both.”
In Finance’s five notices of tax liens, the government disclosed that the company failed to pay its Business Gross Revenue Tax, monthly hotel occupancy tax return, bar tax return, and employer’s quarterly withholding tax return from 1998 to 2011 tax period.
The tax liens are in the amount of $3,115,870.08; $335,351; $4,742,815.01; $2,425,233.25; and $31,083,833.30, or for a total of $41,703,102.64.
In 2012, it was reported that Finance and Tinian Dynasty were already wrapping up their negotiations to settle Dynasty’s over $30 million tax debt. The settlement amount was not publicly disclosed.
